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Kahn, Berman, Solomon Taibel & Mogol, P.A.
307 International Circle, Suite 620
Hunt Valley, MD 21030-1487
Phone: 410-308-0300
Fax: 410-308-0303
Email: info@kbstm.com
Website: www.kbstm.com
When Congress enacted the American Rescue Plan in early 2021, it increased the child tax credit and required half of it to be paid in advance via monthly payments. While it’s intended to help families with everyday expenses, there are tax considerations to keep in mind.
Repayment could happen if you have a child you’ve previously claimed but who is now no longer your dependent or if your income increased and it’s now above the limits. The child tax credit begins to phase out for single taxpayers with adjusted gross income above $75,000 ($150,000 for married filing joint).
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